# BlackRock Stock Q3 2026: Revenue Up 19% on $205bn of Net Inflows
> BlackRock stock Q3 2026: revenue rose 19% to $7.75bn, net inflows were $205bn, AUM hit $15.5tn and adjusted EPS rose 38%. BLK earnings and flows.

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## Facts
- Ticker: BLK
- QSILabs fair value: $1,350.10 USD
- Price: $1,167.15 (as of 2026-11-02)
- As of: Q3 2026 results (quarter ended 2026-09-30, reported 2026-10-14); Q3 Form 10-Q not filed by 2026-11-02, balance sheet as of 2026-06-30; price as of 2026-11-02 close
- Fiscal period: Q3 2026 (July-September 2026)
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/blackrock-stock-q3-2026-earnings-flows-private-markets/

## Short answer
BlackRock stock Q3 2026 comes down to a quarter in which clients added $205.5bn of new money to the world's largest asset manager and its higher-fee businesses, private markets, active ETFs and technology, kept growing faster than the rest. Revenue for the three months to 30 September 2026 rose 19% to $7.75bn, assets under management reached $15.49tn and as-adjusted EPS rose 38% to $15.93. Chief financial officer Martin Small said revenue, operating income and EPS were "all three measures reaching new records". GAAP operating margin stayed at 30.0% because of a $564m charge for acquisition earn-outs. Our discounted cash flow model values BlackRock at $1,350.10 a share, about 16% above the $1,167.15 close on 2 November 2026, and close to the analysts' median target of $1,350.

## Key takeaways
- Revenue up 19%. Third-quarter revenue was $7,752m, against $6,509m a year earlier and $7,084m in the June quarter. Base fees and securities lending revenue rose 20% to $6,036m and performance fees 22% to $630m.
- $205.5bn of net inflows. iShares ETFs brought in $134.5bn and institutional active mandates $44.5bn, while institutional index mandates lost $27.4bn. Organic base fee growth was 11% annualised, the ninth quarter in a row at or above BlackRock's 5% target.
- Assets of $15.49tn. AUM rose 15% from $13.46tn a year earlier. Private markets were only 2% of assets but 11% of base fees.
- Wider adjusted margin. The as-adjusted operating margin rose to 47.8% from 44.6%. GAAP diluted EPS rose 25% to $10.57 and as-adjusted EPS 38% to $15.93.
- Technology growing. Technology services revenue, mostly Aladdin, rose 14% to $588m, and annual contract value grew 12%.
- Cash to shareholders. BlackRock paid a $5.73 quarterly dividend, 10% more than a year earlier, bought back $550m of shares and plans at least $550m more in the fourth quarter.
- Our value: $1,350.10 a share, against a $1,167.15 close on 2 November 2026. Our sensitivity grid runs from $1,075.04 to $1,958.86, and a two-stage cross-check gives $1,310.21. Analysts' average target is $1,359.
- What to watch. Market levels, which drive most fee revenue; earn-out charges from acquisitions; whether private markets fundraising keeps pace with BlackRock's $400bn goal for 2030; and fee pressure in index products.

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